If you are getting your bookkeeping by sending a bank statement & credit card statement to a bookkeeping company, that is data entry bookkeeping. All of your deposits may be posted to an income account as taxable income. Look at your bank statement and ask yourself, are these deposits being posted to the right accounts in your general ledger?
Is there information in your statement showing which deposits are due to product/service sales? Which deposits are a refund, transfer or loan proceeds? Which deposit is the result of dividends from your insurance group? Which deposit is the result of an asset sale such as property, a vehicle or piece of equipment?
Is there information in your statement showing which deposits are due to product/service sales? Which deposits are a refund, transfer or loan proceeds? Which deposit is the result of dividends from your insurance group? Which deposit is the result of an asset sale such as property, a vehicle or piece of equipment?
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2 Increase your profit margins by letting a bookkeeper help you organize your chart of accounts to post returns, refunds, sales discounts, friends & family discounts and charitable lending of your facility, equipment and time. Proper accounting of these items can reduce your taxable income. Proper accounting of deposits of refunds, transfers, rebates, loan proceeds and owner contributions can also reduce your taxable income.
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